https://www.taxtmi.com/acts?id=4149 Every person who was a director of a private company during the relevant previous year is jointly and severally liable for payment of tax that cannot be recovered from the company unless he proves the non recovery cannot be attributed to his gross neglect, misfeasance or breach of duty; 'tax due' includes penalty, interest, fees or any other sum payable under the Act. A transitional exception restrains application of this rule where a private company converted to a public company and the tax relates to earlier assessment years. en-us Sat, 19 Jan 2008 22:45:54 +0530 Tue, 08 Jul 2025 11:51:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=4149 Every person who was a director of a private company during the relevant previous year is jointly and severally liable for payment of tax that cannot be recovered from the company unless he proves the non recovery cannot be attributed to his gross neglect, misfeasance or breach of duty; 'tax due' includes penalty, interest, fees or any other sum payable under the Act. A transitional exception restrains application of this rule where a private company converted to a public company and the tax relates to earlier assessment years. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=4149